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PIMCO Short Term Municipal Bond Active Exchange-Traded Fund

NAV
$50.33
1 Day Return
$0.01  |   0.02%

As of 5/23/2017

Market Price
$50.27
1 Day Return
$0.00  |   --

As of 5/22/2017

Fund Description

The Short Term Municipal Bond Active Exchange-Traded Fund is an actively managed exchange-traded fund (ETF). Designed to be appropriate for investors seeking tax-exempt income, the fund consists of a diversified portfolio of primarily short duration, high credit quality bonds which carry interest income that is exempt from federal tax and in some cases state tax. With this fund, investors will see the names of the bonds owned daily. In the municipal bond market, issuer-specific credit analysis is critical. Unlike index funds that typically rely solely on a rating agency for credit analysis, PIMCO applies extensive research on each municipal bond we own in the fund. We believe it is imperative to analyze each issuer, both at purchase and on an ongoing basis, to avoid municipalities of deteriorating credit quality as we look to protect investors’ capital. Active management not only enables the fund to invest in only the issuers and securities we endorse, but also allows us to change the portfolio structure should credit conditions change. In addition, active management allows for management of capital gains and losses, working to minimize the tax effect of gains, while harvesting losses when available.

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Portfolio Management


Julie P. Callahan

Julie P. Callahan
Ms. Callahan is a senior vice president and municipal bond portfolio manager in the New York office. Prior to joining PIMCO in 2011, she was a portfolio manager for municipal separately managed accounts at Western Asset (WAMCO). She previously managed the firm's municipal money market funds. Before that, Ms. Callahan was director and portfolio manager for municipal money market funds with Citigroup Asset Management. She has 20 years of investment experience and holds a bachelor's degree from Fairfield University.

David Hammer

David Hammer
Mr. Hammer is an executive vice president in the New York office and head of municipal bond portfolio management. He rejoined PIMCO in 2015 from Morgan Stanley, where he was managing director and head of municipal trading, risk management and research. Previously at PIMCO, he was a senior vice president and municipal bond portfolio manager, and prior to joining PIMCO in 2012, he was an executive director and head of the high yield and distressed municipal bond trading group at Morgan Stanley. He has 13 years of investment experience and holds an undergraduate degree from Syracuse University.

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Fund Information

As of 5/22/2017

Ticker SMMU
CUSIP 72201R874
Inception Date 2/1/2010
Shares Outstanding 1,310,000
Total Net Assets $65,914,406.10
Daily Trading Volume
(in shares)
1,852
Premium/Discount Average
(since inception)
-0.03%
Premium/Discount as
of market close
-0.10%
Closing Price 50.21

As of 5/22/2017 8:00PM EST

Yield Information

Estimated Yield to Maturity 1.52%
SEC 30-Day Yield 1.12%

As of 5/22/2017

Distribution Yield 1.48%

As of 4/30/2017

Portfolio Information

Number of Holdings 77
Effective Maturity 2.14 Years
Effective Duration 2.02 Years

As of 5/22/2017

Tracking Error 0.61%

Since Inception as of 4/30/2017

Full Performance & Risk

Index Information

Index
Bloomberg Barclays 1 Year Municipal Bond Index
Index Description

Bloomberg Barclays 1 Year Municipal Bond Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years. It is not possible to invest directly in an unmanaged index.
Index Ticker n/a
Inception Date 3/1/2004
Rebalancing Frequency Monthly
Annualized Volatility 0.82%

As of 4/30/2017

As of 5/23/2017

Dividends and Distributions

Full distribution history

As of 5/22/2017

Top 10 Exposures**

LAKELAND ENERGY-VAR 4.55%
PA TPK COMM-A2-VAR 3.79%
U S TREASURY BILLS 2.43%
NY TWY AUTH-A 2.22%
NC MEDICAL CARE COMM 2.06%
U S TREASURY BILLS 1.97%
RAILSPLITTER 1.87%
WI HLTH & ED-C-REF 1.79%
CONNECTICUT ST HLTH & 1.78%
CITIZENS PROPERTY-A-1 1.77%

As of 3/31/2017

Quarterly Trading Characteristics

Average Volume
In Shares 9,521
In $ $475,737.82
Bid/Ask Spread
In % 0.48%
In $ $0.23
Fund Tickers
NAV Per Share SMMU.NV
Und. Trading Value SMMU.IV
Shares Outstanding SMMU.SO
Est. Cash SMMU.EU
Total Cash SMMU.TC